ATLANTA, May 26, 2017 /PRNewswire/ -- Preferred
Apartment Communities, Inc. (NYSE: APTS) ("PAC" or the "Company")
today announced the sale on May 25,
2017 of Enclave at Vista Ridge, a Class A multifamily
community located in Dallas,
Texas. PAC sold the property for gross aggregate disposition
proceeds of approximately $44.0
million. The property achieved an average annualized
return of approximately 15.6%. "The attractive return on the sale
of Enclave, a property constructed in 2003 and purchased by PAC
just over two and a half years ago, demonstrates our ability to
effectively recognize significant value in our acquisition program
and provides us the opportunity to redeploy the sale proceeds into
well-located, newly constructed and high-quality multifamily
communities in our core markets," said John
A. Williams, the Chairman and Chief Executive Officer for
PAC.
About Preferred Apartment Communities, Inc.
Preferred Apartment Communities, Inc. is a Maryland corporation formed primarily to
acquire and operate multifamily properties in select targeted
markets throughout the United
States. As part of our business strategy, we may enter into
forward purchase contracts or purchase options for to-be-built
multifamily communities and we may make real estate related loans,
provide deposit arrangements, or provide performance assurances, as
may be necessary or appropriate, in connection with the development
of multifamily communities and other properties. As a
secondary strategy, we may acquire or originate senior mortgage
loans, subordinate loans or real estate loans secured by interests
in multifamily properties, membership or partnership interests in
multifamily properties and other multifamily related assets and
invest a lesser portion of our assets in other real estate related
investments, including other income-producing property types,
senior mortgage loans, subordinate loans or real estate loans
secured by interests in other income-producing property types,
membership or partnership interests in other income-producing
property types as determined by our manager as appropriate for
us. At March 31, 2017, the
Company was the approximate 96.8% owner of Preferred Apartment
Communities Operating Partnership, L.P., or the Operating
Partnership. Preferred Apartment Communities, Inc. has elected
to be taxed as a real estate investment trust under the Internal
Revenue Code of 1986, as amended, commencing with its tax year
ended December 31, 2011.
Forward-Looking Statements
This press release may contain forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. These
statements may be identified by the use of forward-looking
terminology such as "may", "trend", "will", "expects", "plans",
"estimates", "anticipates", "projects", "intends", "believes",
"goals", "objectives", "outlook" and similar
expressions. Because such statements include risks,
uncertainties and contingencies, actual results may differ
materially from the expectations, intentions, beliefs, plans or
predictions of the future expressed or implied by such
forward-looking statements. These risks, uncertainties and
contingencies include, but are not limited to, those disclosed in
PAC's filings with the Securities and Exchange Commission. PAC
undertakes no obligation to update these forward-looking statements
to reflect events or circumstances after the date hereof or to
reflect the occurrence of unanticipated events, except as may be
required by law.
Additional Information
The SEC has declared effective the registration statement
(including prospectus) filed by the Company for each of the
offerings to which this communication may relate. Before you
invest, you should read the final prospectus, and any prospectus
supplements, forming a part of the registration statement and other
documents the Company has filed with the SEC for more complete
information about the Company and the offering to which this
communication may relate. In particular, you should carefully
read the risk factors described in the final prospectus and in any
related prospectus supplement and in the documents incorporated by
reference in the final prospectus and any related prospectus
supplement to which this communication may relate. You may obtain
these documents for free by visiting EDGAR on the SEC website at
www.sec.gov. Alternatively, the Company or its dealer
manager, Preferred Capital Securities, LLC, with respect to PAC's
mShares Redeemable Preferred Stock Offering and Series A Redeemable
Preferred Stock and Warrant Unit Offering, and JonesTrading
Institutional Services LLC, with respect to PAC's ATM Common Stock
Offering, will arrange to send you a prospectus if you request it
by calling Leonard A. Silverstein at
(770) 818-4100, 3284 Northside Parkway NW, Suite 150, Atlanta, Georgia 30327.
The ATM Common Stock Offering prospectus, dated July 18, 2016, including a base prospectus, dated
May 17, 2016, can be accessed through
the following link:
https://www.sec.gov/Archives/edgar/data/1481832/000148183216000152/atmprospectus.htm
The mShares Redeemable Preferred Stock Offering prospectus,
dated January 19, 2017, can be
accessed through the following link:
https://www.sec.gov/Archives/edgar/data/1481832/000148183217000008/a424prospectus-mshares1.htm
The Series A Redeemable Preferred Stock and Warrant Unit
Offering prospectus, dated March 16,
2017, can be accessed through the following link:
https://www.sec.gov/Archives/edgar/data/1481832/000148183217000061/a424prospectus-15bseriesar.htm
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SOURCE Preferred Apartment Communities, Inc.